Net National Product equals:
a) Gross National Product adjusted for inflation
b) Gross Domestic Product adjusted for inflation
c) Gross Domestic Product plus net property income from abroad
d) Gross National Product minus depreciation
Ans: d) Gross National Product minus depreciatio
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If the marginal product of the second worker hired by a firm is 14 units and the price of a unit of output is $7 regardless of the quantity of output sold, then the marginal revenue product of the second worker is
a. $98 b. $14 c. $7 d. $2 e. $21
As price rises, quantity supplied ____________.
Fill in the blank(s) with the appropriate word(s).
Public choice economics studies:
A. what individuals choose for themselves. B. how individuals are affected by advertising. C. public sector decision making. D. None of these
The basic proposition in international trade is that
A) trade is determined by absolute advantage. B) in the long run, imports are paid for by exports. C) everyone is made better off by free trade. D) fair trade is more important than free trade.